Boise Meridian Eagle Idaho Real Estate - Homes Sales and Boise Investment Properties

Michael Hon, CEO, The Iron Eagle Realty Team Assoc. Broker, Silvercreek RG The Iron Eagle Realty Team is a Full Service Real Estate Company. Our mission is to assist our clients in the successful acquisition and sale of their personal homes and/or investment properties in the Boise Idaho Real Estate Market. We have successfully helped our clients with short sales, investment properties and foreclosed / bank owned properties in the Boise Idaho Real Estate Market.

Thursday, April 12, 2012

Treasure Valley homebuilders bounce back

Nice article about home builders in the Boise and Eagle Idaho Real Estate Markets from the Idaho Statesman.

Scott Tutt, owner of Scott Tutt Building Co. in Boise, shrank his business during the recession to keep it alive. He built about a dozen homes a year, compared with 40 in 2006.

He watched longtime suppliers close, contractors leave the industry and employees in construction-related organizations lose their jobs.

“A lot of friends and businesses have gone away,” said Tutt, who builds 1,800- to 2,800-square-foot homes in the $200,000s.

They’re not going away anymore.

Tutt and other Treasure Valley builders say they’re building more homes than in previous years, and buildable lots are being snapped up.

Valley home starts climbed 55 percent in the first quarter from the same period last year, said Eric Allen, director of Idaho and Utah for Metrostudy, a real estate consulting firm that tracks new-home development nationwide. Consumers are feeling better and are taking advantage of the market conditions, Allen said.

“There definitely is a lot of momentum in the market right now,” he said. “Job growth is happening, interest rates are low, home prices are still low. We’re seeing a lot of buyers come out of rentals or doubled-up households.”

New-home sales for March were up 31 percent for Ada County and 46 percent in Canyon County from March 2011, according to data released Wednesday by the Intermountain Multiple Listing Service. January and February new-home sales also were up over the previous year. Median new-home prices were up by 6 percent to $201,558 in Ada County but down by 7 percent to $130,000 in Canyon County from the same month in 2011.

New-home permits in Boise, Meridian and Eagle have doubled in the first quarter this year compared with the same period last year, and more buyers are seeking houses in the $400,000 range, Schultz said.

“It shows that people are buying those less expensive houses and bumping people up as well,” she said.

Fewer than one in four builders who put up homes in 2005, the Valley’s last full housing-boom year, are still in business. About 770 builders pulled permits in Ada County in 2005, according to Bobbie Schultz, president of the Building Contractors Association of Southwest Idaho and owner of Jordan Homes in Eagle. Today about 170 companies are building.

James Clyde, of James Clyde Custom Homes in Eagle, said he took a break from building around 2005 because the market got crazy, with lot prices too high to be realistic. Clyde builds 2,400- to 6,000-square-foot homes up to the $800,000s, with most averaging $400,000 to $500,000.

“It got out of control,” he said. “I went fishing. I became a really good water skier for a year.”

He came back in 2006, building eight houses. The number of homes he’s built each year has gone up since, reaching 42 in 2011. Already this year, he’s worked on 35 more.

Ted Mason Signature Homes Inc. of Boise built 196 homes in the heyday of 2006, said home designer Rick Bradley. Last year the company built about 40 houses in the 1,600- to 1,900-square-foot range. So far this year, it has built or started about 30 more.

“We’re seeing a lot of different types of clients — first-time homebuyers, empty-nesters, single males,” he said.

Homes with unique designs and nicer finishes than most starter homes are popular with buyers today, builders say.

Membership in the Building Contractors Association, which had declined, has leveled off as old members call to get involved again and nonmembers ask how to join.

Buyers are turning to new homes because of the persistent shortage of existing homes for sale and because of good deals on new construction, said Kit Fitzgerald, an agent with Red Barn Real Estate and president of the Ada County Association of Realtors.

At the end of March, 2,794 new and used homes were listed for sale in the Valley, which is less than a four-month supply at current sales rates if no other homes were added. A six-month inventory is considered a healthy market.

Lebowitz said people are speculating about the effect bank-owned houses could have on recovery if they were put up for sale. But he said the increased level of demand and the rock-bottom inventory suggest the market can handle them.

The lack of supply means that multiple buyers are putting bids on homes. “It’s who can get it first,” Fitzgerald said.

Because of demand, prices are going up, and builders have stopped offering the concessions and discounts they had been forced to offer in the past few years, Fitzgerald said.

Increases in the cost of materials also are pushing home prices up, Clyde said.

“The time to buy is now,” Clyde said. “That’s what’s happening.”

The National Association of Home Builders forecasts that housing starts and sales will continue to climb for the next two years. The association also expects interest rates to be steady through 2013.

Local builders believe the Valley should see the same, but they have their eyes on the economy. “It will depend on job growth,” Tutt said.

Clyde said, “As long as the land prices don’t go skyrocketing again, we’ll continue to build.”

Sandra Forester: 377-6464

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Wednesday, April 04, 2012

The Real Estate Myth That May Be Holding You Back

Here's a great Dave Ramsey article from his website.

The Real Estate Myth That May Be
Holding You Back

For those of you who have enough gazelle intensity to make bold money moves, we have a suggestion: Downsize your home and use the money you save to pay off debt, build an emergency fund or college fund, or invest for retirement.

"But Dave!" we can hear you say. "All our homes are underwater, and there's no one to buy them anyway!"

Well, we believe this is a myth, and it's holding lots of homeowners back from downsizing to more affordable homes.

Look Past the Headlines
Recent figures show that many homes are underwater, meaning the balance on their mortgages are more than the homes are worth. But far fewer homes are underwater than you might think. In the third quarter of last year, 22% of all homes with a mortgage were underwater. That's the number that gets the most media coverage.

But that number also means that more than three out of four homes are not underwater.

Dig a little further and you'll find that most underwater mortgages were found in five states: Nevada, Arizona, Florida, Michigan and Georgia. If you live in any of these states, the odds are less in your favor since on average, 41% of those homes have negative equity.

In the remaining 45 states, only 17% of homes with mortgages are underwater. Those numbers will vary even more from region to region—even neighborhood to neighborhood.

The moral of the story is that you shouldn't let negative reports about housing talk you out of selling your home if it will put you in a better financial position. Renting, or even buying a smaller, more affordable home, will free up cash you can use to pay off debt, save for emergencies, or build wealth for the future.

Face the Challenge With Expert Advice
The next challenge in downsizing is finding a buyer. While there's no doubt the housing market is still in a deep slump, existing home sales have picked up steam over the last few months. Thanks to low interest rates, bargain home prices and tons of people tired of putting off home buying, the trend is expected to continue.

But there's no reason to wade into this scene on your own. An experienced real estate agent will help you price your home to sell and save you money on your new home. One of Dave's real estate Endorsed Local Providers (ELPs) will work with you to make your downsize a success. Contact your ELP today.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
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Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Thursday, March 29, 2012

Just Listed - View Home in Prestigious Somerset Ridge

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Wednesday, March 21, 2012

Ada County housing market rallies

There was a great article in the last Sunday's Idaho Statesman. Our real estate market in Boise is finally going in the right direction. Here are some exerts from the article:

"Agents say buyer activity has picked up in several price ranges and property types, at least in Ada County. Ada County sales rose 13.4 percent to 439 in February, compared with 387 in the same month last year, according to the Intermountain Multiple Listing Service. In Canyon County, they dipped 16 percent to 195 from 234.

“This is the strongest February sales we’ve had since 2007” in Ada County, said Marc Lebowitz, executive officer of the Ada County Realtors Association."

"Across the Valley, the number of homes listed for sale remains at a five-year low: 2,901 in February. The small supply is helping to drive prices up and leading to multiple offers per property that match or exceed the asking price, real estate professionals say.

“The agents in my office say they’re seeing three, four and five offers on one property,” said an agent at Coldwell Banker Tomlinson Group.

In Boise, 928 single-family homes have been listed for sale since January, while 1,080 homes went under contract to sell or were sold. Sales are overtaking listings.

That means the market is turning.

“Buyers are now understanding that prices aren’t going any lower,” she said. “We’re on the cusp of something. The hardest thing right now is getting people to list their homes.”

Agents consider a six-month supply of homes at current selling rates a balanced market, meaning neither buyer nor seller has the advantage. Boise homes in the $200,000-$300,000 range are at a 5.5-month supply"

If you are looking to sell your home, now is the time!

Link to Statesman Article

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Saturday, March 10, 2012

Tuesday, February 14, 2012

Realtors hope $25B foreclosure settlement will spark housing revival

by John Stodder
Published: February 10,2012
Time posted: 3:03 pm
With the residential real estate industry shell-shocked from years of a moribund market, its spokespeople can be forgiven for taking a cautious attitude toward this week’s announcement of a $25 billion settlement with five of the nation’s biggest mortgage lenders over flawed and fraudulent foreclosure practices.

The money in the settlement will mostly go to borrowers and homeowners who are underwater. According to the Washington Post, the settlement “will force lenders to revamp how they interact with troubled homeowners and bar them from trying to foreclose on borrowers while simultaneously negotiating mortgage modifications.”

But could the settlement help get the residential market moving again, even in the face of historic low interest rates and plummeting prices?

“We do hope that the resolution will help more lenders with the certainty they need to kick loose more loans,” said Walter Molony, a spokesman for the National Association of Realtors in Washington, D.C. He cautioned, however, that the impact will be limited because the settlement doesn’t help the millions of borrowers with loans owned by Fannie Mae or Freddie Mac.

Eric Berman, communications director for the Massachusetts Association of Realtors, was pleased that the settlement was designed to help more homeowners stay in their homes because that kind of stability slows the ongoing descent of home values in many markets – though the market isn’t as bad, he hastened to add, in Massachusetts as it is in many other areas.

But even there, he said, “Distress sales impact values of homes of people who are not in a distress situation.”

Realtors also hope the settlement “can give lenders the confidence to start up with loan modifications, short sales and principal write-downs,” Berman said. “We’re going to have to wait and see. From our members’ point of view, short sales take forever. The only thing short about a short sale is the definition.”

While realtors continue to ruminate, the blogosphere reacted quickly:

• Financial blogger Yves Smith at Naked Capitalism gives “The Top Twelve Reasons Why You Should Hate the Mortgage Settlement.” She is scathing. “We’ve now set a price for forgeries and fabricating documents: It’s $2,000 per loan,” which, as she points out, for an average loan is “less than the price of the title insurance that banks failed to get when they transferred the loans to the trust.”

• Writing at the Huffington Post, financial reform activist Dennis Kelleher calls the deal a “criminal sell-out,” because the $20 billion in loan forgiveness, though impressive at first blush, only adds up to $20,000 per 1 million homes. According to a Zillow report in November, some 14.6 million home borrowers have fallen into a negative equity position.

• Reuters’ financial blogger Felix Salmon likes the deal because the attorneys general didn’t give up too much and the banks didn’t get too much. Banks only got immunity from suits over the practice of robosigning, but can still be sued over a range of other alleged misdeeds that contributed to the mortgage default crisis.

John Stodder Jr., is The Dolan Company’s national affairs correspondent and web editor at-large.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, February 10, 2012

Almost New Townhouse in Hyde Park, Boise's Premier Neighborhood!!!

Monday, February 06, 2012

Report: Freddie Mac bets against homeowner refinancings

They are all CRIMINALS!!!

NPR and ProPublica investigation shines light on investment practices
BY INMAN NEWS, MONDAY, JANUARY 30, 2012.
Inman News®

In 2010 and 2011, mortgage giant Freddie Mac invested billions of dollars on bets that homeowners with high-interest mortgages would not be able to refinance at today's lower interest rates, according to a joint investigation conducted by NPR and ProPublica, a nonprofit, independent news agency.

While legal, the bets appear to be in direct conflict with the taxpayer-backed company's public mission, as stated on its website, "to stabilize the nation's residential mortgage markets and expand opportunities for homeownership and affordable rental housing," the news agencies said, noting that refinancing terms have been getting more restrictive of late and include higher fees and new rules that prevent some homeowners from taking advantage of historically low interest rates.

Freddie Mac is regulated by the Federal Housing Finance Agency (FHFA). Officials at both Freddie Mac and FHFA repeatedly declined to comment on the specific transactions, the news agencies said, though Freddie Mac did say that its employees who make investment decisions are "walled off" from those who determine the terms under which homeowners can get loans.

And in a written statement, Freddie Mac said it "is actively supporting efforts for borrowers to realize the benefits of refinancing their mortgages to lower rates," noting that it refinanced loans for hundreds of thousands of borrowers in 2011, according to the news agencies' report.

HousingWire writer Jacob Gaffney accused NPR and ProPublic of conducting a "witch hunt" of Freddie Mac.

"Who in their right mind would try to counter NPR and ProPublica articles that clearly depict the evil mortgage market behemoth undercutting homeownership initiatives and doing the unthinkable: Trying to earn money for bond investors?" Gaffney said.

Hate to say it NPR and ProPublica, but the same thing is happening at Ginnie Mae and Fannie Mae, and just about everywhere a home is bought, sold and financed."

He added, "The very federal conservatorship status that both Fannie and Freddie are under is designed to protect their assets. That means keeping performing loans right where they are -- in a position that most efficiently monetizes loans for investors" -- one of the biggest of which is the U.S. government, he said.

ProPublica characterized the investments by Freddie Mac as a conflict at the heart of the company: "In addition to being an instrument of government policy dedicated to making home loans more accessible, Freddie also has giant investment portfolios and could lose substantial amounts of money if too many borrowers refinance."

Freddie Mac, as does fellow government-sponsored enterprise Fannie Mae, repurchases loans from lenders, allowing them to keep making more loans with minimal risk. The report by NPR and ProPublica contends that in 2010 and 2011 Freddie Mac didn't just repurchase and hold loans, however -- the company reportedly also packaged hundreds of thousands of loans, chopping the securities up into two main slices:

1. One that is low-risk, and based on homeowners paying the principal on their mortgage.

2. The other, known as an "inverse floater," that is higher-risk and based on all of the interest owed on the entire bundle.

Freddie Mac would sell the low-risk slice and keep the higher-risk slice, the news agencies said.

"That riskiest investment pays out a lucrative stream of interest payments. But Freddie's slice also has all the so-called 'prepayment risk' associated with that (bundle) of loans. So if lots of people 'prepay' their old loans and refinance into new, cheaper ones, then Freddie Mac starts to lose money. If people can't refinance, then Freddie wins because it continues to receive that flow of older, higher interest payments," NPR said.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, February 03, 2012

BANK OWNED 7.5+% return Cash on Cash Duplex, Blt in 2005 in SE Boise

Check out this almost NEW BANK OWNED Duplex in SE Boise. Potential for 7.5% plus cash on cash return.
Click here for listing information.

Wednesday, February 01, 2012

U.S. regulator launches foreclosure sales plan

(Reuters) - The regulator for mortgage finance companies Fannie Mae and Freddie Mac said on Wednesday investors could now sign up to pre-qualify to bid on foreclosed properties held by the government-controlled firms.

Those investors meeting the qualifications set by the Federal Housing Finance Agency could purchase homes and then convert them into rental units under the new program. They would be required to use the properties as rentals for a specific number of years.

Government-run Fannie Mae, Freddie Mac and the Federal Housing Administration own a large portion of the country's foreclosed properties. As that inventory is expected to swell, the federal program is aimed to clear the backlog of distressed properties that has flooded the market and depressed prices, while at the same time meeting the increased demands of renters.

The regulator said it will announce the first transaction during a pilot phase of the so-called REO initiative in the "near term." Fannie Mae will offer for sale pools of various types of assets in the first pilot program, including rental properties, vacant properties and non-performing loans with a focus on the hardest-hit areas.

"This is an important step toward increasing private investment in foreclosed properties to maximize value and stabilize communities," said FHFA acting director Edward DeMarco.

Later Wednesday, President Barack Obama will announce a package of proposals to help the ailing housing market, including a way to help more borrowers refinance at record low borrowing costs.

(Reporting by Margaret Chadbourn; Editing by Andrea Ricci)

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, January 27, 2012

U.S. growth quickens, but speed bumps ahead

By Lucia Mutikani
WASHINGTON | Fri Jan 27, 2012 12:53pm EST
(Reuters) - The U.S. economy grew at its fastest pace in 1-1/2 years in the fourth quarter of 2011, but a strong rebuilding of stocks by businesses and a slower pace of business spending hinted at softer growth early this year.

U.S. gross domestic product expanded at a 2.8 percent annual rate, the Commerce Department said on Friday, a sharp acceleration from the 1.8 percent clip of the prior three months and the quickest pace since the second quarter of 2010.

It was, however, a touch below economists expectations in a Reuters poll for a 3 percent rate, and two-thirds of rise in output was due to the build-up in business inventories.

Soft underlying demand and a sharp slowing in core inflation supported the Federal Reserve's decision to keep in place an ultra easy monetary policy to nurse the recovery.

"We do not expect growth to accelerate meaningfully from its current pace," said Michelle Girard, a senior economist at RBS in Stamford, Connecticut. She said Fed officials would focused on slack in the economy.

Stocks on Wall Street opened lower as investors worried about the composition of growth, while Treasury debt prices were little changed. The dollar fell against a basket of currencies.

INVENTORIES REBOUND

The economy in the fourth quarter got a temporary boost from the rebuilding of business inventories, which logged the biggest increase since the third quarter of 2010. The buildup followed a third quarter decline that was the first since late 2009.

Excluding inventories, the economy grew at a tepid 0.8 percent rate, a sharp step-down from the prior period's 3.2 percent pace and a sign of weak domestic demand.

The robust stock accumulation suggests the recovery will lose a step in early 2012 as businesses are unlikely to keep building inventories at the same rate.

Growth in business spending on capital goods was the slowest since 2009, a sign the debt crisis in Europe was starting to take its toll and another hint of weakness ahead.

The Fed on Wednesday said it expected to keep interest rates at rock bottom levels at least through late 2014, and Chairman Ben Bernanke said the central bank was mulling further asset purchases to speed the recovery.

The central bank warned the economy still faced big risks, a suggestion the euro zone debt crisis could still hit hard.

"We're still repairing the damage done by the financial crisis. On top of that we face a more challenging world. We have a lot of challenges ahead in the United States," U.S. Treasury Secretary Timothy Geithner said at the World Economic Forum in Davos.

Prospects of sluggish growth could hurt President Barack Obama's chances of re-election in November.

The economy grew 1.7 percent in 2011 after expanding 3 percent the prior year, and the unemployment stood at a still-high 8.5 percent in December.

AUTOS PROP UP CONSUMER SPENDING

Consumer spending, which accounts for about 70 percent of U.S. economic activity, stepped up to a 2 percent rate from the third-quarter's 1.7 percent pace - largely driven by pent-up demand for motor vehicles.

The Japanese earthquake and tsunami had disrupted supplies early last year, leaving showrooms bereft of popular models.

Consumers also benefited from a moderation in inflation.

A price index for personal spending rose at a 0.7 percent rate in the fourth-quarter, the slowest increase in 1-1/2 years, after rising at a 2.3 percent pace in the July-September period.

A core inflation measure, which strips out food and energy costs, increased at a 1.1 percent rate after rising 2.1 percent in the third quarter. The slowdown could concern the Fed, which wants the measure closer to their 2 percent inflation target.

"Clearly, much work remains to achieve the Fed's dual mandate of maximum sustainable employment in the context of price stability," New York Federal Reserve Bank President William Dudley told reporters.

SLUGGISH INCOME GROWTH

High unemployment has led to sluggish income growth, which in turn has prompted households to tap savings and credit cards to fund their purchases.

Still, spending is unlikely to be a drag on growth, given that consumer sentiment is on the mend, as indicated by another report on Friday.

"Though the unemployment rate has improved, the jobs market remains a major challenge. Part of the decline in the unemployment rate is due to the fact that ... people have stopped looking for work," said Adolfo Laurenti, deputy chief economist at Mesirow Financial in Chicago.

"The high level of people out of the workforce and underemployed people show there isn't really much income generation to contribute to a better spending pattern."

A sustained growth pace of at least 3 percent would likely be needed to make noticeable headway in absorbing the unemployed and those who have given up the search for work.

Business spending grew at a sluggish 1.7 percent rate in the fourth quarter, pulling back sharply from the third-quarter's 15.7 percent pace.

Though exports held up, an increase in imports left a trade gap that chipped growth.

Unseasonably mild winter weather helped home construction post its fastest growth pace since the second quarter of 2010, with much of the increase going to meet rising demand for rental apartments.

Government spending shrank for a fifth consecutive quarter, reflecting a large decline in defense and still weak state and local government outlays. A bounceback could support growth at the start of the year.

(Reporting by Lucia Mutikani; Editing by Neil Stempleman and Tim Ahmann)

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Monday, January 23, 2012

Report: Idaho Workers Missing out on $11,000 a Year

Reposted from Public News Service

January 16, 2012

BOISE, Idaho - Idaho's economy is still far from being healthy, and chronic low wages are part of the problem. Research on the topic is being discussed today at the "Kitchen Table Economics" forum in Boise.

Retired University of Idaho economics professor Stephen Cooke has found that Idahoans earn about $11,000 less per year than the national average, and he says the state should focus on ways to change that, in order to grow the economy.

"What I'm suggesting for a remedy is that, in order to become a high-skilled economy, we need to make investments in research and development, education and infrastructure."

Cooke says higher wages mean more disposable income and more tax revenue, and yet Idaho has been focused on policies that attract low-wage, low-skill jobs, instead of recruiting high-paying jobs.

He says early legislative discussion about cutting taxes to improve the state's economy ignores the underlying problem of the low-skill, low-wage issue, which he calls a trap Idaho has fallen into.

"There's no indication that cutting taxes improves economic development, and in fact just the opposite is true."

He says Idaho's declining job sectors include professional, scientific and technical services, as well as management of companies and enterprises, and mining.

"Kitchen Table Economics" will be held from 6-8 p.m. today in the State Capitol Auditorium. Dr. Cooke will speak at the event.

Deb Courson Smith, Public News Service - ID

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, January 19, 2012

REAL ESTATE: Foreclosure activity subsides in December

The December results surprise experts, but they expect the numbers to pick up in 2012 after months of delays
BY LESLIE BERKMAN STAFF WRITER lberkman@pe.com
Published: 12 January 2012 09:59 PM

AText Size
After surging in November, foreclosure activity subsided in Riverside and San Bernardino counties last month.
Some analysts, including those at RealtyTrac, the research company that Wednesday released the year-end housing data, said the December results were surprising. But they continued to predict that after a year of delays due to regulator intervention, a larger wave of foreclosures will hit the U.S. and Inland Southern California in 2012.
“I do expect we will see an increase in foreclosure activity across the country, including the Inland Empire, as (financial institutions) begin foreclosure proceedings on seriously delinquent loans,” said Rick Sharga, who recently was an official at Irvine-based RealtyTrac and now serves as executive vice president of Carrington Holding Co., a mortgage and real estate investment firm.
Other experts counter that given the improving economy, they don’t expect an increase in foreclosures this year. “The economy is getting better, employment is picking up, delinquencies are down. There is nothing that points to any giant wave of foreclosures coming down the pike,” said Chris Thornberg, founding economist with Beacon Economics. He added that although he expects the volume of foreclosures will be lower this year than last, it still will be historically high.
Foreclosure activity in December was subdued by the usual holiday foreclosure moratoriums and snowstorms, said Sharga. But the downturn last month was particularly pronounced, nationally reaching a 49-month low in foreclosure-related filings — including notices of default, trustee sales and bank repossessions.
In Inland Southern California, notices of default, the first step in the foreclosure process, dropped 44 percent from November to December.
“I think we are seeing a little of the calm before the storm,” said Sharga. He believes foreclosures would have increased rather than declined last year if the robo-signing controversy had not disrupted the process, prompting banks to pull back until they could make sure they were in legal compliance.
“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak …,” said RealtyTrac executive officer Brandon Moore in a statement.
In Riverside and San Bernardino counties, there were a combined 75,559 foreclosure filings in 2011, which was more than a 25 percent drop from 2010 and 40 percent drop from 2009. Since the foreclosure crisis started in 2007, 175,895 homes have been repossessed by lenders in the two-county region, said RealtyTrac analyst Daren Blomquist. Nationwide the number of bank-repossessed homes has reached 4million.
Chapman University Economist Esmael Adibi said he is not expecting a surge of foreclosure activity this year although he expects it will remain roughly as much of a problem as it was in 2011. If the Inland economy continues to revive at the pace it has in recent months, he said, it will help some people avoid foreclosure and help others purchase bank-repossessed homes that come on the market.
Pete Nyiri, a broker of bank-owned homes in western Riverside and San Bernardino counties, said, “We are seeing multiple offers on single-family homes. Right now we are not begging for buyers. We have plenty.” He said sales could be stronger if he had more homes to sell.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Monday, January 16, 2012

Housing outlook is more upbeat - USA Today

By Julie Schmit, USA TODAY

Optimism is building that the housing industry is nearing a bottom — finally.

Home sales and home building are forecast to rise this year after sliding steeply the past five years in housing's worst downturn since the Great Depression.
Recovery is expected to be slow, and home prices are widely expected to fall this year. But investors are betting on the start of an upturn, bidding up home builder stocks and causing them to outperform the broader stock market.
Chief executives are more positive. JPMorgan Chase's Jamie Dimon said last week that housing is near its bottom but could stay there a year. Stuart Miller, CEO of home builder Lennar, said the market has started to stabilize because of low prices and record-low interest rates.
Market researcher RBC Capital Markets has also turned from a "bearish" view on housing to saying that 2012 "will mark a step in the right direction."

Many economists expect home prices to fall more this year because of foreclosures and other properties sold at very low prices.
As foreclosures pick up this year, "prices will drop," says Stan Humphries, Zillow chief economist. He says home prices won't bottom until later in 2012 or next year.
On average, prices have fallen by about a third since 2006.
"This year will feel a lot better to builders, investors and real estate agents than to consumers," says Jed Kolko, economist for real estate website Trulia.
Housing's outlook is brightening with signs of a better economy. Last month, U.S. employers added 200,000 jobs, and the unemployment rate fell to 8.5%, lowest in nearly three years.
While an economic shock could derail progress, "there's now more evidence of improvement in the economy, and housing will follow the economy," says David Crowe, chief economist at the National Association of Home Builders. More improvement is expected for:

•Sales. Existing home sales will rise 12% this year after a 2% increase last year, and new home sales, coming off a horrid year, will jump 74% this year, Moody's Analytics predicts.
November's existing home sales hit their highest mark in 10 months, and new home sales were the year's second best, IHS Global Insight says.

•Construction. Single-family housing starts will rise 37% this year, Moody's predicts, after falling 9% last year.

Home builder stocks are on a run. The S&P 1500 homebuilding index is up 38% since mid-October, vs. 7% for the S&P 500.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, January 13, 2012

Non-Distressed Property Prices 30 Pct Less than Distressed Since Market Peak

An interesting repost from LoanRateUpdate

January 13, 2012 (Chris Moore)

Home prices continued to follow normal seasonal trends in November, falling another 1.4 percent from the previous month according to CoreLogic’s November Home Price Index (HPI). November’s price decline follows a 1.3 percent decline in October and is the fourth consecutive month that home prices have fallen.

Including distressed property sales, home prices in November were 4.3 percent lower than in November of last year. It was the first monthly increase in year-over-year prices since April. This follows a revised decline in annual home prices of 3.7 percent in October which had been part of a seven month streak in which year-over-year home prices declined in each successive month.

In September, the year-over-year price difference, including distressed properties, was -3.8 percent, in August it was -4.4 percent, in July it was -4.8 percent, in June it was -6.0 percent, in May it was -7.4 percent and in April the annual price difference was -7.5 percent.

The impact that distressed property sales have had on housing prices since the beginning of the housing crisis has been significant. In November, the difference in year-over-year prices would have only been 0.6 percent lower if distressed property sales were excluded.

Since the market peak in April 2006, home prices have declined 32.8 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 23.1 percent since the market peak, a difference of 29.5 percent.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Mark Fleming, chief economist for CoreLogic, stated, “With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality.”

Seventy-seven out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in November, which was three less than the revised amount reported in October.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: Vermont (+4.3 percent), South Carolina (+2.8 percent), District of Columbia (+2.1 percent), Nebraska (+1.9 percent) and New York (+1.7 percent). In October, those states were: West Virginia (+4.8 percent), South Dakota (+3.1 percent), New York (+3.0 percent), District of Columbia (+2.4 percent) and Alaska (+2.1 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-11.2 percent), Illinois (-9.7 percent), Minnesota (-7.8 percent), Georgia (-7.7 percent) and Ohio (-7.2 percent). In October, those states were Nevada (-12.1 percent), Illinois (-9.4 percent), Arizona (-8.1 percent), Minnesota (-7.9 percent) and Georgia (-7.3 percent).

The five states with the highest YOY appreciation excluding distressed sales were: Maine (+4.9 percent), South Carolina (+4.9 percent), Montana (+3.8 percent), Indiana (+3.3 percent) and Louisiana (+2.4 percent). In October, those states were: South Carolina (+4.6 percent), Maine (+3.1 percent), New York (+3.1 percent), Alaska (+2.9 percent) and Kansas (+2.8 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-8.8 percent), Arizona (-4.9 percent), Minnesota (-4.7 percent), Idaho (-4.1 percent) and Georgia (-3.6 percent). In October, those states were: Nevada (-8.8 percent), Arizona (-7.0 percent), Minnesota (-5.7 percent), Delaware (-3.9 percent) and Georgia (-3.6 percent).

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, January 05, 2012

Many homeowners are unaware of how foreclosure, loan modification and short sale affect their credit score in Idaho? Here are some approximate rules of thumb but each homeowners situation is is different so these are not in concrete.

Overview on affect on credit:

Foreclosure - A foreclosure can drop scores from 50-250 points and what is really interesting is the difference on the loss of points depends on how much you have to lose, for example, if someone has a 750 credit score, they could drop 250 points but someone with a 600 score may only lose 100 points for the same thing. If a deficiency judgment or tax lien is filed in connection with a foreclosure, credit scores can drop an additional 100 points. It may be 5 - 7 years before you can acquire another home loan.

Short sale

Paid as agreed won't hurt score as long as payments were kept current.
Unrated may drop a few points in addition to the drop because of the lates.
Paid settlement may drop the score by 50-125 points in addition to lates.
Charge off with a collectible balance may drop 100-150 in addition to lates, in this instance scores will not start to recover until the charged off balance is paid.
Judgment for deficiency amount - if lender files a judgment in addition to the charge off-scores can drop an additional 100 points from this, most severe impact on scores and credit.
It may be 2 - 3 years before you can acquire another home loan.

Deed in Lieu

Paid as agreed - scores will have already dropped about 100 points due to default in payments, but if this is reported, the borrower will be able to purchase another home in a shorter period of time.
Paid settlement - credit can drop 75/100 points in addition to the delinquent payments.
Foreclosure - scores drop 100-150 points in addition to the delinquent payments.
It may be 2 - 3 years before you can acquire another home loan. Most lenders want you to short sale your home first before they will consider you for a deed in lieu.

Loan Modification

Lenders may report it as an "account in partial payment plan", this can drop someone's scores by as much as 150 points in addition to lates. So it is important to make every effort to negotiate with the lender on how they will report: Not to report it in a partial payment plan. Remove any lates incurred during the waiting period of when the request for loan modification was made to the time of completion. Document every move they make, phone calls, etc. on their efforts to remain current on their payment.

We hope this helps you in making the right decision for you and your family. Please call us at 208 939 9033 if you need any further assistance.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Wednesday, December 21, 2011

Treasure Valley foreclosure rates fall again

The Idaho Statesman

Treasure Valley foreclosures in September dropped slightly to 2.58 percent of mortgage loans from 3.26 percent in that month last year, according to CoreLogic, which tracks real estate trends nationwide.Foreclosure activity in Boise and Nampa is lower than the national average, which was 3.48 percent for September.The mortgage delinquency rate also decreased in the Valley. CoreLogic data show that 6.01 percent of mortgage loans are 90 days or more delinquent, compared with 7.76 percent for the same period last year, representing a decrease of 1.75 percentage points.Vally foreclosure rates have fallen every month since they reached a high of 3.57 percent in December 2010.

Read more here: http://www.idahostatesman.com/2011/12/13/1915272/treasure-valley-foreclosure-rates.html#storylink=cpy

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, December 02, 2011

Short Sale Agent Update: HAFA Process Improvements

Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer.

The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.
Instead, real estate agents can indicate a homeowner's HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the agent experience. Our outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:
· Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.
· If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days. (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)

· If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging.

Additional Recommendations:
· Help your homeowners understand the benefits a HAFA short sale, including the relocation incentive at closing. Review the agent HAFA education guide to learn more.

· Provide the Bank of America HAFA Eligibility FAQ to interested homeowners.

· Direct homeowners to contact Customer Care at 1.866.880.1232 if they have questions.

Visit the Agent Resource Center at bankofamerica.com/realestateagent for educational guides, news and resources to help agents complete a short sale at Bank of America.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.